RESPs: Just the facts

Lifetime contribution amount: $50,000 for RESPs opened after 2007 Annual contribution limit: None Maximum age to open: None. However, Canadian Education Savings Grants are only available to children until December 31 of the year the child turns 17. Canada Learning Bonds are available to age 21. Read: Making cash gifts “resp”onsible Duration: until December 31 […]

By Staff | September 1, 2012 | Last updated on September 15, 2023

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Lifetime contribution amount: $50,000 for RESPs opened after 2007

Annual contribution limit: None

Maximum age to open: None. However, Canadian Education Savings Grants are only available to children until December 31 of the year the child turns 17. Canada Learning Bonds are available to age 21.

Read: Making cash gifts “resp”onsible

Duration: until December 31 of the 31^st year for contributions; must be wound up by December 31 of the 35^th year.

Lifetime max grant amount: $7,200 (contributions up to $2,500 per year are eligible for a 20% Canada Education Savings Grant).

Provinces with additional grants: Quebec, Alberta

Needed to open: SIN and permanent residency

Overcontribution penalty: 1% per month

Read: RESP? There’s an app for that